Canada’s Summer Outlook Reviews The Global Economies

25 July 2012 13:00 - Phoebe Robinson

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Canada’s Summer Outlook Reviews The Global Economies

This July marks the third anniversary of the economic recovery that came after the 2008 financial crash and the recession that pretty much affected the whole world. It has been a very quiet economic recovery and this is especially true for the more advanced countries. Most of these countries are yet to retain their pre-2008 levels of GDP these countries include the UK, Japan and the majority of the countries in continental Europe. It is not a good sign that more than half way through 2012, the signs point to both faltering global economy and a deteriorating near-term picture in the USA.

Recently the Bank of Canada, the IMF and other forecasters across the globe have all cut their economic projections for 2012 and 2013. The eurozone’s GDP growth is close to zero, this reflects positive but slow growth for the northern members such as Germany, France and the Netherlands, and declining activity across southern Europe. The UK even though it is not actually part of the eurozone as it does not have the single currency is about to enter a double dip recession.

According to the Conference Board of Canada developing nations will have the tough task of taking up the slack of the eurozone. In a report on Monday said that the slow recovery in the US and the weakened domestic demand will limit Canada’s Growth as well. However it is not all bad news, it is being said that there is no sign the US economy will slip back now.
The Conference Board In its World Outlook summer 2012, said the global economy will manage just 2.6% growth this year and 3% in 2013.  However things are not looking so good for the 17-nation eurozone, forecasters are predicting that their economies will contract 0.4% this year and manage only limited growth of 0.7% in 2013.

The US is looking positive according to the Summer Outlook and the economy will expand 2.3% this year and 2.7% in 2013, however this is assuming that the Chinese economy stays strong and the eurozone does not implode.

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